PFM Completes Fiduciary Capital Management Acquisition, Expands Stable Value Capabilities

Philadelphia (January 8, 2018): PFM has completed the acquisition of Fiduciary Capital Management’s (FCM) assets, a move that will allow PFM’s asset management business to better serve clients in the public sector, labor union (Taft-Hartley) and corporate segments of the market. With the acquisition, PFM’s stable value team now manages $2.6 billion in stable value assets for qualified retirement plans such as 401(k) and 457 plans.

“This acquisition expands our capability in this important asset class,” said industry veteran and PFM Managing Director David Starr, who leads the stable value team of seven. “The investment professionals on our team average more than 20 years in stable value investment experience and we are putting that expertise to work immediately for our clients.”

PFM’s stable value team applies a customized approach to building and managing stable value portfolios, with a commitment to understanding all phases of each client’s defined contribution plan, including liquidity needs, risk tolerance and investment objectives.

“The defined contribution market has become increasingly important, given the scope and growth of the asset base,” Starr noted. “A big advantage for PFM’s stable value team is our access to the broad resources offered by PFM’s fixed income team, encompassing sector-focused portfolio managers, portfolio strategists, and credit specialists.”

Wayne Gates, who had served as FCM’s President and Chief Investment Officer, joins PFM.

“Clients highly trust PFM to manage their investments,” Gates said. “This acquisition provides PFM a tremendous opportunity to bring stable value asset management to clients in a meaningful way with an experienced group.”

Starr added that this asset acquisition will mark another step in PFM’s ongoing growth.

“Stable value lines up very well with the PFM asset management team’s core competencies and skills of being a high quality, conservative, investment grade fixed income manager.”

David Starr can be reached at starrd@pfm.com.

About PFM
At PFM, over 600 employees - asset managers, financial advisors and consultants - partner with clients in every region of the country to transform their world. We combine superior financial advice, disciplined management and ingenuity to build, power, move and educate.

PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation.

For more information regarding PFM’s services or entities, please visit www.pfm.com. For important disclosure information please, visit www.pfm.com/disclosures.

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